Canada to increase infrastructure spending as growth lags

Reuters Staff

1 Min Read

OTTAWA, Nov 1 (Reuters) - Canada will ramp up its spending on infrastructure projects by an extra C$81 billion ($60.49 billion) over the next 12 years in a bid to revitalize an economy struggling with sub-par growth, Finance Minister Bill Morneau said on Tuesday.

The extra money means Canada's Liberal government - trying to deal with a prolonged oil slump that has slashed revenues - is committed to pouring a total of C$187 billion into infrastructure between now and 2027/28. In March, it had promised to spend C$120 billion over the next decade.

$1 = 1.3391 Canadian dollars
Reporting by David Ljunggren; With additional reporting by
Jeffrey Hodgson; Editing by Paul Simao